National Electric Vehicle Sweden's chairman, Karl-Erling Trogen, and its CEO, Kai Johan Jiang, at Wednesday's press conference. Photo: Adam Ihse/Scanpix
deal revealed

Saab to become "world leader in electrical cars"

"This basically means the end of Saab as a mass market producer"
6:46 min

Saab has been bought by National Electric Vehicle Sweden AB (Nevs), announced the administrators of the bankrupt Sweden-based carmaker at a press conference on Wednesday. National Electric's main focus is electrical cars.

Its spokesperson Mattias Bergman said the aim was to become "the world leader in electrical cars" and said China and India were key consumer markets.

He also said there were not enough resources in the world to fuel traditional cars if China reached the same number of cars per person as the USA has today.

Hong Kong-based bio fuel company National Modern Energy Holdings owns 51 percent of the company, Reports the regional newspaper Göteborgs-Posten.

The Japanese company Sun Investment is the second biggest owner.

Nevs CEO, the Chinese-Swedish business man Kai Johan Jiang, also addressed assembled media. He originally worked as a consultant for Volvo Trucks in the 1990s.

As he took the podium in the Saab town Trollhättan today, Jiang thanked its former CEO Karl-Erling Trogen for his inspirational work for Sweden's future. Trogen is now chairman of the board at Nevs.

Bankruptcy administrator Anne-Marie Pouteaux said the final price of Saab would not be revealed.

The company has bought the old model of the 9-3 Saab in which it will strip the engine and fit with a new electrical engine and it has bought the intellectual rights for the new Phoenix platform which Saab was building when it went bankrupt. 

TV4 Economic correspondent Jens B Nordström told Radio Sweden that the deal will not mean a return to thousands of jobs at Trollhättan.

"They will build electrical cars at Trollhättan at some time in the future. This means the end of Saab as a mass-market producer , they are going into electrical cars and electrical cars is a niche market at the moment and what they are saying is that they will re-hire a couple of hundred of engineers who used to work for Saab and not 3,500."

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